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Construction Bust?

A survey of contractors and heavy equipment distributors shows a heavy dose of pessimism about the construction market next year, particularly in the residential sector.

CIT Construction, of Tempe, Ariz., a unit of CIT Group Inc., says its "optimism quotient" index tumbled to 86 this year from 102 last year. Anything over 100 indicates a positive outlook for the future. Below 100 shows a cautious forecast. The latest results, based on interviews with 900 U.S. and Canadian industry participants in July, are two...